– Molson Coors Brewing Company (NYSE: TAP) reported underlying earnings of $1.48 per share for the third quarter of 2019, vs. $1.48 per share expected.
– Total revenues decreased 3.2% annually to $2.84 billion in the September-quarter, vs. $2.87 billion expected
– On a reported basis, Molson reported a net loss of $402.8 million or $1.86 per share, compared to profit of $338.3 million or $1.56 per share last year
– Expects underlying free cash flow of $1.4 billion, plus or minus 10%, for fiscal 2019; sees capital spending of approximately $700 million, plus or minus 10%
– Expects net sales revenue to be flat to low-single digit decrease, on a constant currency basis, in fiscal 2020; expects underlying free cash flow of $1.1 billion, plus or minus 10%, for 2020
– Announced revitalization plan to achieve consistent top-line growth by improving efficiency and unlocking resources to reinvest in the business
— Molson Coors shares dropped early Wednesday, following the earnings report, after closing the previous session higher